Take the 100 day challenge to get to know your new business
It is day one, you have signed the new contract, agreed to objectives and KPI's, your first paycheck is waiting to get signed and you are opening the door to the office for the first time. Once you have your lap top, phone, notebook, airline pass, stationary draw and business cards printed you have to take the next step to success.
What is it and what should you be doing now?
When you take on a new role in an organization, particularly a more senior role it is assumed by your employer that you have the necessary skills to run the operation and not need your hand held.
In some cases there may be a handover from a previous owner or from a departing predecessor but in most cases this would not be so and you are left holding the baby from the day you commence.
So what should you do if this is indeed the case? How should you spend your first few months in the business?
- Visit and analyze top customers, the number of top customers will be dependent upon how many and how large they are. It is a good rule of thumb to look t the customers who determine the top 20% of revenue.
- Determine what the status of the relationship is
- Determine the sales level and areas off opportunity
- Determine level of risk.
- Gauge customer feedback, issues and concerns
- Cash cows
- Current cash-flow
- Current asset levels
- What is morale like
- What immediate staff issues need to be addressed
- Are there PD’s and contracts in place currently.
- What is the current structure and does it work for you.
- Product development
- New Markets
- New products
- New channels
- What process for measurement.
- What controls on inventory management.
Day 100 Take a breath:
After 100 days of intense investigative work and analysis you should have a good and basic understanding of the business.
If the business is in a sphere you have been in before your own experience will tell you what needs to be done to achieve the goals set by your superiors.
If not, then after the 100 days there should be enough material to begin to make some decisions, set strategy and begin to make some changes to grow, develop, shrink, if necessary, the business.
In my years of Management experience it has always been a question of how ‘tough’ one needs to be to get the business to a state that is humming. Sales are growing, new business is being sought and procured, customers are happy, bottom line is secure at worst and growing at best.
There is no thing better than being able to get to the grips of a business in a very short period of time. 100 days is a short period, just over 3 months but it is doable. Usually after this period of time then habits and familiarity have begun to creep which begins to cloud judgement and make the obvious seem less so.
I hope this helps.